IOCs active in Iraqi Kurdistan finally yielded to Baghdad’s calls for oil sales to be handled by SOMO.
For China, a fractious independent Kurdistan with strong former ties to the U.S. would make the administration of Iraq’s oil and gas sector much more difficult.
Despite controlling Iraqi Kurdistan’s oil sector post-2017 independence vote, Russia prefers to work with Baghdad’s central government.
OPEC+ has extended its production cuts totaling 3.66 million bpd until 2025.
Further production cuts by OPEC+ could impact global oil prices and economic stability, particularly affecting China and the U.S.
Prominent OPEC countries may be reluctant to risk lower oil prices, as doing so could jeopardize the budgets for their ambitious national spending programs.
osneft’s ROSN.MM Black Sea oil refinery in Tuapse resumed operations on Sunday after a drone attack on May 17, an industry source familiar with the plant’s work told Reuters.
Oil prices steadied on Friday, with global benchmark Brent set for its first weekly gain in three weeks as economic indicators from big consumers China and the United States bolstered hopes for higher demand.
Kazakhstan maintained its robust global market position in 2023, producing nearly 90 million tons of oil and nearly 60 billion cubic meters of gas. This year, gas production is expected to increase to just a little over 60 billion cubic meters, reported the Kazakh Ministry of Energy on April 26.
Reuters: This month, Russia is expected to pocket $14 billion from oil & gas.
Russia’s oil and gas revenues slumped by 23.9% last year compared to 2022.
Reuters estimates that Russia’s revenues from oil and gas for 2024 would be 30% higher compared to 2023.
Energy trader’s earnings mean another year of large payouts for senior partners
Russia’s federal budget deficit shrank to RUB607bn ($6.7bn) in the first quarter thanks to high oil prices that pushed up oil and gas revenues by 80%, according to a preliminary estimate of the Ministry of Finance (MinFin).
Hanoi (VNA) – Prime Minister Pham Minh Chinh hosted a reception in Hanoi on April 8 for Sergey Ivanovich Kudryashov, General Director of Russia’s Zarubezhneft JSC, who is on a working visit to Vietnam to seek cooperation opportunities in oil and gas and energy.
It has now been just over a year since the Federal Government of Iraq imposed an embargo on oil exports from the country’s semi-autonomous region of Kurdistan.
Destroying all financial independence for the region, which is reliant on ongoing independent oil supplies, is one of the tools Baghdad has to erode Erbil’s autonomy.
The latest tactic of blaming international oil companies for the embargo still being in place is just another element.